Home / Two-wheeler Insurance / Articles / A Complete Guide to Changing Your Two-Wheeler Insurance Policy Online

A Complete Guide to Changing Your Two-Wheeler Insurance Policy Online

Team AckoJan 17, 2024

Two-wheelers are fun to ride, easy to maneuver in traffic, and inexpensive to maintain compared to cars. Different people have different reasons for being attached to their two-wheeler. Some shower a lot of love on their bike while some look at it practically but still take care of their bike. Some enjoy long bike rides and road trips while some are simply thankful for their bike, which helps them to travel swiftly within the city.

Whatever the reasons, one thing is certain that bikes and enthusiastic bikers share a strong bond. However, riding a bike has its share of risks. It is vulnerable to accidents because of its built and engineering. Things can go wrong in case of a bike accident. That is why authorities in India demand that all bikes must be insured. Insurance can not prevent accidents, but can surely offer a financial cover in case of unexpected events.

As per a recent bike insurance update from the Insurance Regulatory and Development Authority of India (IRDAI) – the apex body of insurance in India – new bikes must be insured for a period of five years in one go. Annual Third-party policies are unavailable for new bikes.

You can opt for long-term two wheeler insurance policies during policy renewal. Irrespective of a short-term policy or a long-term policy, you have the option to switch insurers and change your two-wheeler insurance policy if you are not comfortable with the current one. You can change the cover and the insurer depending upon the terms and conditions. Read ahead to know the answers to the following broad questions: how to change two-wheeler insurance company? And how to change bike insurance ownership?

Contents

Types of Two-wheeler Insurance Policies:

Listed below are basic types of two-wheeler insurance policies offered by different insurers in the Indian insurance market. This industry is highly regulated; therefore, the policies and the cover are mostly standardized, however, some policies offer customized covers (to an extent) as well. You can choose different types of two-wheeler insurance covers online while buying or renewing two-wheeler insurance.

Third-party Liability Policy:

This policy is a legal requirement. The Motor Vehicles Act states that all bikes must be insured with this policy to avoid penalties. The Third-party policy does not cover the insured vehicle for damage but insures the policyholder against liabilities associated with third-party injury and third-party property damage. Such a policy is low-priced but lacks extensive coverage. The alternative to this is a Comprehensive policy.

Comprehensive Policy:

True to its name, a Comprehensive policy offers extensive coverage. It includes the compulsory Third-party policy and offers the much-needed Own Damage cover. However, you will have to pay a higher insurance premium to avail such a plan. Unlike the Third-party policy, such policies are not priced by IRDAI but by individual insurance companies.

Add-ons:

Some of the popular Add-ons are as follows: Zero Depreciation, Roadside Assistance, Engine Cover, etc. Such Add-ons will increase your payable premium but will also offer enhanced insurance protection.

Check: 5 Tips to Get Maximum Fuel Efficiency from Your Bike

How to Change Two-wheeler Insurance Policy Online?

Overall, changing your two-wheeler insurance policy is an easy process. What makes it challenging is when you choose to do so. Listed below are situations when people usually renew their policy and the ways to do it.

At the Time of Renewal:

This is the most hassle-free time to choose a different insurance policy. A policy is a contract for a specific period of time. Once the period is over, the contract is over, and you are free to select a different contract offered by the same insurance company or a different insurance company.

The process related to renewing a policy is similar to that of buying a policy. Thus, there is no need to worry about complexities associated with a different process. If applicable, your No Claim Bonus (NCB) shall be retained if you choose a different insurer.

Within Policy Period Time:

Although not highly recommended, you have the option to change an insurer during your policy period. Speak to your current insurer about your decision and follow the company’s process. You can purchase a new policy online within minutes, however, make sure that your previous policy is cancelled and your new policy is activated. Do not ride a bike if your previous policy is cancelled and the new policy has not been activated.

New ownership of your two-wheeler:

An insurance policy is for a particular vehicle. Thus, if you sell your vehicle, you need to transfer that vehicle’s insurance policy in the name of the new owner. Usually, it is the seller’s as well as the buyer’s responsibility to get the insurance policy transferred. The important part is to complete this process at the earliest to avoid legal consequences.

Change in vehicle:

You will have to purchase a new insurance policy for a new bike. Do not blindly rely on your bike dealer for your vehicle’s insurance policy. It might be convenient but not always productive. The bike dealer might have a tie-up with agents or insurance companies and restrict your options to that pool. It is not necessary to purchase new bike insurance from the bike dealer; you can do so online as well, as per your requirements.

Lapsed Two-wheeler Insurance Policy:

Ideally, you do not want to be in a situation where your insurance policy has lapsed. Riding a bike with a lapsed policy is a punishable offence. Besides, a subsequent gap in policy expiry and new policy application qualifies for a Vehicle Inspection, which in turn can increase your premium. Also, if such a gap exceeds 90 days, the accumulated NCB will become void.

Renew a Two-wheeler Insurance Policy:

Online Process:

To renew your two-wheeler insurance policy online, you will first have to analyze and ascertain whether you need to continue the same cover and whether you want to continue with the same insurer. If the answer to both situations is yes, then simply go to the insurer’s website and renew the policy by logging in to your account and making the payment.

If you want a different cover or wondering how to change your bike insurance company, you will have to spend some time to research and find out the best policy that meets your requirements. You can make use of aggregator websites or bike insurance calculators on individual insurer’s websites to have a look at the coverage and get free quotes. You can then proceed to buy the most-suitable policy.

Offline Process:

You will have to contact a certified agent or visit an insurance company’s branch office to renew your bike insurance policy offline. This usually involves form-filling and submitting documents; that’s why people find it cumbersome. It is suggested to renew bike insurance policy online for a convenient and productive experience.

Also, read: Third-party Bike Insurance Online

Things to Consider Regarding Buying or Renewing Bike Insurance Policy:

Here’s a list of things that you should keep in mind while purchasing or renewing your bike insurance policy from an online insurance provider.

Your first task should be analyzing your bike insurance requirements and questioning your current cover. Based on it, you can decide whether you want to enhance your cover or reduce it.
Another thing of prime importance is whether you want to continue with your existing insurance provider while renewing the policy or an insurer suggested by someone while purchasing the plan. Review the insurer and make an informed choice.
Do not forget to compare the features and benefits of different bike insurance plans online. This will help you to find the best match in terms of coverage and the price.
Always read the fine print while purchasing any insurance policy. The Policy Wordings have all the necessary information pertaining to the terms and conditions of the policy. You can download the same from the insurer’s website. However, most of the time information is presented in an informative manner on the website. If you have any doubts, do not hesitate to call or email the customer support team of your preferred insurance company. They will help you out.
Do not look at bike insurance just from a legal standpoint. It is a way of minimizing financial losses. Go for an extensive cover and select a customer-friendly insurer. Nowadays, digital-first insurers offer low-priced policies with extensive coverage and superior service. Ride safe and stay insured.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.